Chevron Breaks Ground on North Duri Development Area 13

JAKARTA, Indonesia, Oct 25, 2012 – PT Chevron Pacific Indonesia today announced the company has broken ground on the $500 million North Duri Development (NDD) Area 13 project in Sumatra, Indonesia.

At peak production the NDD Area 13 steam flood project is expected to add 17,000 barrels per day to production from the Duri field. NDD Area 13 will consist of 539 new wells, including 358 producing wells, 145 steam injection wells and 36 temperature observation wells.

"The Duri Field is a remarkable success story for both Chevron and Indonesia. With the continued application of advanced technology and investment, we have been able to extend the life of this field and increase the amount of oil recovered," said Jeff Shellebarger, managing director, Chevron IndoAsia Business Unit.

"The expansion of our highly successful steamflood project at Duri builds on our long history in Indonesia, where we are working together with the government to efficiently develop Indonesia's crude oil, natural gas and geothermal resources," said Hamid Batubara, president director, PT Chevron Pacific Indonesia.

NDD Area 13 follows the successful NDD Area 12 expansion that was completed in 2009 and which added 40,000 bopd to production from the Duri field. The Duri field is home to one of the world's largest steamflood projects, having supported the production of 2 billion barrels of oil since its introduction.

Chevron’s partnership with Indonesia goes back 88 years and today our 6,400 Indonesian employees are engaged in the exploration, development and production of oil, gas and geothermal on behalf of the nation. Chevron is the leading energy company in Indonesia, producing more than 40 per cent of the nation’s crude oil from Sumatra, delivering natural gas from offshore East Kalimantan and operating half of the geothermal energy capacity through our projects in West Java.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Contact:
Dony Indrawan, Indonesia
+62 8111904832

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about Chevron's activities in Indonesia. Words such as “could”, "anticipates," "expects," "intends," "plans," "targets," “forecasts,” "projects," "believes," "seeks," “schedules,” "estimates," "budgets," “outlook” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.